Property Description

OPEN HOUSE THIS WEEKEND! SATURDAY, OCTOBER 24TH, 2-4PM & SUNDAY, OCTOBER 25TH, 11AM-1PM! JUST LISTED AT $809,900 + UP TO $10,000 IN SELLER-PAID BUYER CLOSING COSTS OR INTEREST-RATE BUYDOWN! LIMITED-TIME INCENTIVE FOR CLOSINGS THROUGH DECEMBER 2026!FOUR UNITS. TWO DETACHED BUILDINGS. OVERSIZED TWO-CAR GARAGE. ONE INCREDIBLE OPPORTUNITY! Welcome to 4601 Dr. Martin Luther King Jr St N, a rare FOURPLEX investment opportunity situated on a spacious CORNER LOT near the desirable Allendale Terrace neighborhood and just minutes from Downtown St. Petersburg!Why settle for one income stream when you could have four? Featuring 6 bedrooms, 5 bathrooms, and approximately 3,645 SQ FT OF TOTAL GROSS BUILDING AREA across two separate buildings, this property offers an impressive combination of rental income potential, flexibility, and location. The layout includes three 1-bedroom/1-bathroom units and one spacious 3-bedroom/2-bathroom unit, ideal for investors looking to expand their portfolio or buyers interested in living in one residence while renting the others.HERE'S WHERE THE OPPORTUNITY REALLY STANDS OUT: Approximately $86,100 IN POTENTIAL ANNUAL GROSS RENTAL INCOME, based on current, previous, and projected rents! Two units are currently rented, one is owner-occupied, and one is vacant, offering flexibility for the next owner. Beyond the income potential, the property sits on an oversized 11,561 sq ft corner lot and features an OVERSIZED TWO-CAR GARAGE OFFERING NEARLY 600 SQ FT OF SPACE, a standout feature providing valuable room for covered parking, storage, and more! The front building features a 2018 roof, while the rear building has a 2024 roof. **AND THE POTENTIAL DOESN'T STOP THERE!** Zoned NTM-1 under St. Petersburg's Missing Middle zoning, this oversized 0.27-acre corner lot offers exciting REDEVELOPMENT POTENTIAL! With zoning density of up to 30 units on a full acre, the property has a theoretical capacity approaching **8 RESIDENTIAL UNITS**, subject to City approval and development requirements. Maintain the existing fourplex or explore the possibilities of future redevelopment! Buyer to verify all zoning and redevelopment potential with the City of St. Petersburg.Location is another major advantage! Situated alongside the charming Allendale Terrace neighborhood, you're conveniently close to Downtown St. Pete, local restaurants, shopping, entertainment, and everything that makes this area such a desirable place to live and invest.Whether you're searching for a cash-flow opportunity, a potential 1031 exchange investment, or a house-hacking property where rental income can help offset your mortgage, this fourplex delivers the versatility investors and homeowners are looking for.FOUR UNITS. PRIME ST. PETE LOCATION. STRONG INCOME POTENTIAL. Opportunities like this deserve a closer look. Schedule your private showing today!Seller incentive of up to $10,000 toward allowable buyer closing costs or interest-rate buydown is subject to mutually agreed terms and lender approval.